[DAILY NOTION] FXSTREET - EUR/USD Forecast - Oct 28, 2020
![[DAILY NOTION] FXSTREET - EUR/USD Forecast - Oct 28, 2020](https://socialstatic.fm-cdn.com/social/202010/476b29a99e2aa0eb2f46b3194da915529472fe67.png?x-oss-process=image/quality,q_70/format,jpeg)
Despite euro's resumption of upward trend from September's eight-week through at 1.1613 to a one-month high of 1.1880 last Wednesday, its subsequent erratic fall to 1.1770 in Australia today suggests temporary peak has been met and weakness to 1.1704/1.1709 is expected after the consolidation.
What's Next?
Despite the temporary weakness, we believe October's lowest level at 1.1689 should hold, with its yield set to rebound.
On the upside, if it holds above 1.1838, the currencies pair may see a stronger gain to 1.1864/1.1866. But if it goes below 1.1838, we are expecting it to further slide to the target level of 1.1880 again.
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